The Canadian Department of Foreign Affairs, Trade and Development (DFATD) has announced the launch of a business development project in Ukraine with the aim of supporting the country’s agricultural sector. The project is projected to cost USD 19.6 million over its seven-year period, and it is intended to provide equipment, loans and educational programs to approximately 20,000 farmers in the areas of Ukraine that are deemed to be the “most significant horticulture product producing regions.” According to Ed Fast, the Canadian Minister of International Trade, “Canada is among the strongest international supporters of Ukraine’s efforts to restore stability and implement democratic and economic reform.”
Among the goals of the project are improving the relationship that small and medium-sized enterprises (SMEs) have with individual farmers; increasing economies of scale; and according to Mr Fast, “to create opportunities for small and medium-sized enterprises in key sectors such as agriculture, through improving business practices, increasing access to markets and financing, and creating jobs.” As part of the project, Israel’s Agency for International Development Cooperation, as well as unspecified agricultural colleges, advisory companies, lending organizations and farming cooperatives, will work towards creating a system of horticulture in the country.
As of March 2013, DFATD reported annual expenses of USD 305 million.
By Sarah Luo, Research Associate
Foreign Affairs, Trade and Development Canada: Canada is helping to enhance sustainable economic growth and development in Ukraine
Foreign Affairs, Trade and Development Canada: Canada Announces New Support to Economic Growth in Ukraine
MicroCapital, November 9, 2013: European Fund for Southeast Europe (EFSE) Lends $10m to Megabank of Ukraine to Support Agricultural Lending
MicroCapital, February 11, 2013: European Bank for Reconstruction and Development, Raiffeisen Bank Aval, John Deere Partner to Provide Farming Equipment in the Ukraine
MicroCapital, April 8, 2011: European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC) Promote Lending Against Crop Receipts in Russia, Ukraine
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.
Similar Posts:
- MICROCAPITAL BRIEF: World Bank ARISE Program Includes $230m Loan for Farmers in Ukraine
- MICROCAPITAL BRIEF: Asociación de Cooperativas Argentinas (ACA) Borrows $80m from FMO, FinDev Canada, Rabobank to Boost Exports of Produce from 50,000 Farms in Argentina
- MICROCAPITAL BRIEF: Al-Qutaibi Funding Renewable Energy Products, Climate Adaptation Strategies for SMEs, Farmers in Yemen in Collaboration with USAID
- MICROCAPITAL BRIEF: Belgian Investment Company for Developing Companies (BIO) Names Joris Totté as CEO
- SPECIAL REPORT: Fortune Credit of Kenya, Fundación Génesis Empresarial of Guatemala, Yikri of Burkina Faso Are Finalists for European Microfinance Award 2023 on Inclusive Finance for Food Security & Nutrition